Zheng Quan Shi Bao·2025-12-15 15:23Core Viewpoint - iRobot has filed for bankruptcy protection in the U.S. due to declining sales, increased competition, and rising operational costs from tariffs [2][3][7]. Company Background - iRobot was founded in 1990 by MIT professors and launched the first Roomba vacuum robot in 2002, becoming a pioneer in the robotic vacuum industry [4]. - The company went public in 2005 and saw its stock price peak at $197.4 in 2021, with a market capitalization exceeding $6 billion [7]. Financial Performance - iRobot's revenue has been declining over the past three years, dropping from $1.183 billion in 2022 to an estimated $682 million in 2024 [8]. - The company reported a net profit of $286 million in 2022 but is projected to incur a loss of $146 million in 2024 [8]. Market Challenges - iRobot has faced significant competition from Chinese brands, leading to a continuous decline in product sales and necessitating layoffs [7]. - The introduction of a 46% tariff on home appliances imported from Vietnam in 2025 is expected to increase operational costs by approximately $23 million, further squeezing profit margins [7]. Acquisition Attempts - Amazon attempted to acquire iRobot for $1.7 billion in 2022, but the deal was ultimately terminated due to regulatory hurdles, with the final offer dropping to $1.4 billion [8]. - Following the termination of the acquisition, iRobot received $94 million in breakup fees, most of which was used to cover advisory costs and repay loans [8]. New Ownership - Shenzhen PICEA Robotics Co. and its subsidiary Santrum Hong Kong Co. will acquire all shares of iRobot, leading to its delisting from NASDAQ and privatization [9]. - The acquisition is expected to significantly improve iRobot's balance sheet and ensure continued operations while maintaining its global business presence [11]. Industry Trends - According to IDC, global shipments of smart robotic vacuums are projected to reach 17.424 million units in the first three quarters of 2025, marking an 18.7% year-over-year increase [12]. - Chinese companies dominate the market, with Roborock leading in shipments, followed by Ecovacs and other brands [12].